Cybersecurity spending and economic headwinds in 2023

Now that everyone, their brother, sister, and dog have chimed in on cybersecurity predictions for 2023, here are a few observations based on some recent ESG research.

First the numbers: 53% of organizations will increase IT spending in 2023, 30% say IT spending will remain flat in 2023, and 18% forecast a decrease in IT spending. As for cybersecurity, 65% of organizations plan to increase cybersecurity spending in 2023.

These numbers mean that some organizations with flat or decreasing IT budgets will still increase spending on cybersecurity. This trend is further supported by the fact that 40% of survey respondents claim that improving cybersecurity is the most important justification for IT investments in 2023. This research was conducted in late 2022 when respondents were well aware of the economic headwinds and built appropriate assumptions into their budget planning.

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